bank rates

CD Rates Leaderboard For Oct. 3, 2011: 3 Banks Own Top 36-, 60-Month CD Rates

This is a great page to bookmark so you can always find the best nationally available deals on the most popular CD rates. The CD rates retreat continues with AmTrust Direct slashing its top rates by as much as a half a percentage point.

This bad news means three new banks offer the best nationally available 36- and 60-month deals on our CD Rates Leaderboard.

The top 36-month rate goes to Doral Bank Direct (www.doralbankdirect.com), the online division of the leading community bank is Puerto Rico, which pays 1.65% APY with a $1,000 minimum deposit.

And the top nationally available 60-month CD rates belong to First Internet Bank of Indiana (www.firstib.com) and Quaint Oak Bank (www.quaintoak.com).

They both pay 2.20% APY; First Internet Bank requires a $1,000 minimum deposit, while Quaint Oak requires a $500 deposit.

This is the first time First Internet Bank has landed on top of our Leaderboard. This online bank works much like a brick-and-mortar bank in that your deposits are FDIC insured up to $250,000.

Quaint Oak Bank has been at or near the top of the 60-month term since its Bankaholic debut in April. Back then, the suburban Philadelphia bank with a single branch was paying 3.00% APY on its 5-year certificates of deposit.

What a fall.

Three other banks own the next best 60-month CD rates at 2.15% APY. They are:

Discover Bank (www.discoverbank.com), an online bank owned by the credit card company, which requires a $2,500 minimum deposit.

American Express Bank (www.americanexpress.com), an online bank owned by the credit card company, which requires no minimum opening deposit.

MainStreet Bank a northern Virginia bank that sells its CDs nationally through its airbanking.com website and requires a $500 minimum deposit.

Banks qualify for our rankings by accepting deposits from all savers, regardless of where they live, either online or through the mail.

Compare these returns with the best CD rates from scores of banks in our extensive database.

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